Macro theme: - On Wednesday, the BoJ announced an interest rate increase and a bond tapering plan, reflecting confidence in the domestic economy's recovery and concern over the weakened yen. - The BOJ raised the uncollateralized overnight call rate to 0.25%, marking the second rate rise this year after the Mar 19 increase, which ended negative interest rates, equity purchases, and yield curve controls.
Technical theme: - USDJPY shifted its structure downward after breaking its support at 151.90. The price is trading below both EMAs, which is about to have a dead-cross signal, indicating that bearish momentum persists. - If USDJPY cannot sustain above 151.90, it may extend its loss to 150.80 and 146.50. - On the contrary, if USDJPY finds support at 151.90, the price may perform range trading within 151.90-155.80 till an apparent breakout occurs.
I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.